Complete the table to find the single deposit investment amounts. What are the main advantages to the insured if the homeowners policy is a package policy? Your clothing, appliances, furniture, and jewelry are all treated as personal property. Personal Articles Floater, Inland Marine policies are called? B. actual cash value, The least likely method of payment for loss under a Floater is: A) Coverage C--Personal property. Take pictures of all items and receipts, and send them to your insurer. The Damage to Property of Others duplicates coverage that is included in Section I ---- The Damage to Property of Others Additional Coverage supplements the Property Damage Liability Coverage by providing limited Coverage for damage, caused by the insured, regardless of negligence. 80% of the replacement cost. All of the following are eligible for coverage under a homeowners policy except, Are eligible for homeowners policy if the mobile home endorsement is attached. A. Special coverage for jewelry and other valuables - III C. buildings B. Bodily injury -- Bodily harm, sickness or disease, including required care, loss of services and death that results A neighbor is injured while helping the insured install a carpet --- First Aid Expenses Coverage applies to first aid to others caused by Bodily Injury covered under the policy, but does not pay for first aid to an insured. & \text { Year 3 } & \text { Year 2 } & \text { Year 1 } \\ Exam 5 Flashcards | Chegg.com The meeting will be held at GIA's headquarters at 200 Cedar St, Seattle, WA 98121. A. ships' cargo How can government use taxes to reallocate the use of resources in the economy? Advertisement Definition. B. a mobile home that is owner-occupied Costs the insured was already paying before incurring the loss are not covered. B. Insects and vermin Which of the following would be covered under the Damage to Property of Others additional coverage of the Homeowners Policy? A. jewelry salesperson's sample case Under an HO-2 policy with a coverage limit of $50,000 on the dwelling, what is the amount of personal property coverage that would be available? Physicians and Surgeons Floater Property damage arising out of the racing of sailing vessels - The watercraft liability exclusion for racing does not apply to sailing vessels. The assigning of the value of the insuredproperty will vary by the insurance provider. He keeps a considerable amount of cash and other valuables on him and around his home. The amount of Molly's outstanding mortgage was $100,000 at the time her house was destroyed in an explosion. Which of the following endorsements to the Homeowners Policy adds coverage for injury resulting from libel, slander, false arrest, defamation, invasion of privacy and other such offenses that could result in a personal liability suit? B. Which property would be settled for its actual cash value even if the Personal Property Replacement Cost Loss Settlement Endorsement is attached to the HO-3 policy? CH. 5 Homeowners Flashcards | Quizlet Bart keeps a dog that is known in the neighborhood to be vicious. B. negative state affect On what form is Albert's homeowners policy written? What endorsements allows an insured to purchase coverage in excess of the special limits of liability contained in the homeowners policy for certain items of personal property'such as jewelry, fine arts, and musical instruments'and also broadens coverage? C. stated value D. leased buildings, Each of the following is a Personal Floater EXCEPT: A person who owns and lives on a farm -- Homeowners eligibility does not include farm property, but does include certain incidental business occupancies. Losses to the dwelling are paid replacement cost and losses to personal property are paid at actual cash value. B. Dwellings under construction are covered for theft The art world is comparing the (a) seven-year-old, (b) seven year old child prodigy to Picasso. Borrowed property meets the definition of contents A. Detached private structures on the residence premises An unscheduled property floater is an addition to an existing property insurance policy to cover items that have not been individually itemized or valued. C. Contractor's Equipment Floater Are Izzy's personal belongings, including his electronic equipment, insured under Natalie's homeowners policy? In what type of home does Mrs. Zabinski live? Scheduled personal property works in two ways: increasing policy limits to cover more expensive items and protecting these items from a more significant number of . A. breakage Does homeowners insurance cover theft outside the home? People typically schedule their property when its value exceeds the personal property limits in a standard homeowners policy. For instance, if your policys dollar limit is $4,000 for all your valuables but their total value exceeds that amount, youll need to purchase a scheduled personal property endorsement to have your valuables fully covered. Physicians and Surgeons Floater B) cost to have the dog put to sleep. The Section I deductible does not apply to property covered under the Scheduled Personal Property Endorsement - The Scheduled Personal Property Endorsement has no deductible. Theft of silverware is covered up to $2,500 C. Money is covered up to $500 per occurrence D. The Scheduled Personal Property Endorsement provides open perils coverage Installment Sales Floater What homeowners form was designed to provide coverage for older homes because their replacement values exceed their market values by a significant amount? The insured is less likely to have gaps in coverage by having property and liability insurance in one policy When an insured adds a scheduled personal property endorsement to a homeowners policy Coverage is provided on an open peril basis Which of the following additional coverages is only included in certain homeowners forms? For a homeowners policy, which one of the following statements about insuring personal property normally kept at a residence other than the residence premises is CORRECT? Damage caused intentionally by the insured's 10-year-old son Although she is willing to accept the insurer's settlement offer for the ceiling, walls, and hardwood floors, she objects to the insurer taking into account depreciation of the furniture and clothing. The dwelling must be the principal residence of the insured -- The underlying concept of the Homeowners Policy is that owner-occupied property has, in most cases, better care and maintenance than tenant-occupied property and is therefore eligible for package insurance and discounted rates. Is personal property that is usually located in a secondary residence covered under Coverage C? A neighbor visits them and upon leaving, trips over some fishing equipment that Jack left in the yard. C. Obligations of an insurer end when it pays damages equal to the policy limit for any one occurrence B. provides all-risk coverage. 1 B. golfer's equipment, Which Commercial Floater would be used to cover paving machinery? The insured is less likely to have gaps in coverage by having property and liability insurance in one policy, When an insured adds a scheduled personal property endorsement to a homeowners policy, Coverage is provided on an open peril basis. Although Laura thought she had lost her emerald earring, the pair was stolen by a temporary worker who accidentally left one of the earrings behind. Note: We don't currently offer the ability to schedule property, but stay tuned! Scheduled personal property coverage is an endorsement you can add to your home insurance. The Personal Injury endorsement adds coverage for non-physical injuries to others, including invasion of privacy. Personal Effects Floater, The standard deductible under a Scheduled Personal Property Endorsement is: Record every valuable possession in your house and copy the serial numbers. Which homeowners insurance form is appropriate for Marilyn and Dan? Unscheduled personal property refers to items that are covered by personal property coverage but have not been specifically itemized; these items are subject to the standard coverage limits. A. barratry B. The dwelling on the insured premises, plus any structures that are attached to the dwelling --Coverage A covers the dwelling and attached structures. B. Wisconsin Office of the Commissioner of Insurance. ), $74,850.0035,798.00\begin{array}{r r} C. Fine art floater replacement cost coverage is available by endorsement, for an additional premium. Marc and Nancy insure their home for $300,000 with a homeowners policy. A. golf clubs The preferred stockholders are also due to receive dividends in arrears for one year. D. Coverage F limits are subject to a deductible. The cause is determined to be a defect in the grill. Albert's homeowners policy provides open perils coverage on his home and named perils coverage on his personal property. The dollar amount might not adequately cover the cost of replacing your valuables, so youll need scheduled personal property coverage. The homeowners policy contains which of the following types of insurance coverage? However, which type of property is covered? Commercial floaters cover: - anyone requested by the named insured, provides homeowners liability coverage for personal damage or injury caused while conducting business outside of the building. . Which of the following is not an Additional Coverage on the homeowners policy? D. warehouses, Loading docks and cattle shipped to market are insured by what area of insurance? }\\ D. Replacement cost, A person who owns jewelry worth over $50,000 should get a: Choose the true statement concerning Homeowners Policies. You tell her that by adding this endorsement the insurer agrees to pay the lowest of the following values, for most types of property insured on the endorsement, EXCEPT: Beatrice works from her home, on a part-time basis, as a hairdresser. Scheduled Personal Property For Your Valuables | Hippo What is the average rate at which the clerk sorts mail during the first 3 months on the job? The house was destroyed in a fire and the insurance company paid $300,000 for damage to the dwelling. If the cost to repair or replace is less than five percent of the dwelling limit and less than $2,500, the holdback requirement does not apply. NetincomeAveragenumberofcommonsharesoutstandingYear3$3,695617.2Year2$3,789645.2Year1$5,681652.6, A. Open perils coverage is available by Endorsement for scheduled items at an additional premium. C) Scheduled personal property endorsement. A. Loss settlement is based on the actual cash value up to the amount listed on the endorsement. Someone broke into Mr. Johnson's house and stole $5,000 worth of firearms. Damage to Property of Others coverage is provided up to a specified limit regardless of negligence Mac's homeowners policy pays for the damage to the home and grill. D. Coverage D of a Homeowners Policy covers additional living expenses. B. salespersons' samples, Marine Transportation Insurance covers: A complete list or inventory of your personal property and its total value will help you decide how much coverage is adequate and make filing claims easier. D) An insured, an agent, an insurer and a claim. The amount specified for this ring in the schedule is $2,000. C. 100% of the actual cash value. Chloe moved from a spacious home to a smaller condo unit and stored some of her furniture in an off-premises storage unit. lightning Members of the family under the age of 24 living at school away from the home Customer Bailee Floater The peril of theft is automatically included in all homeowners policies, whether theft occurs on the insured's premises or not, The permitted incidental occupancy endorsement, Deletes exclusions in the policy pertaining to a business conducted on the resident premises \text{Future Value} & \text{Rate} & \text{Time} & \text{Deposit (to nearest cent)}\\ C. It covers injury to an employee, as well as attendees, arising out of day care operations C. a leased warehouse The insured's tenant - Roomers or boarders are not considered insureds, and would need to purchase their own liability policies. Coverage D of a Homeowners Policy includes loss of income from an incidental business ---Coverage D does not cover loss of income from an incidental business. Liability coverages are set forth in Section II of the Policy.